FWP 1 n4362_x1-premkta1.htm FWP

    FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333-257991-11
     

 

WFCM 2024-5C1 Disclaimer

STATEMENT REGARDING THIS FREE WRITING PROSPECTUS

The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-257991) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter, or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8 a.m. – 5 p.m. EST) or by emailing wfs.cmbs@wellsfargo.com.

Nothing in this document constitutes an offer of securities for sale in any jurisdiction where the offer or sale is not permitted. The information contained herein is preliminary as of the date hereof, supersedes any such information previously delivered to you and will be superseded by any such information subsequently delivered and ultimately by the final prospectus relating to the securities. These materials are subject to change, completion, supplement or amendment from time to time.

This free writing prospectus has been prepared by the underwriters for information purposes only and does not constitute, in whole or in part, a prospectus for the purposes of (i) Regulation (EU) 2017/1129 (as amended), (ii) such Regulation as it forms part of UK domestic law, or (iii) Part VI of the UK Financial Services and Markets Act 2000, as amended; and does not constitute an offering document for any other purpose.

STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION

The attached information contains certain tables and other statistical analyses (the “Computational Materials”) which have been prepared in reliance upon information furnished by the Mortgage Loan Sellers. Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected herein. As such, no assurance can be given as to the Computational Materials’ accuracy, appropriateness or completeness in any particular context; or as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. The Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. You should consult your own counsel, accountant and other advisors as to the legal, tax, business, financial and related aspects of a purchase of these securities. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment and/or loss assumptions, and changes in such prepayment and/or loss assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments or losses on the underlying assets will occur at rates higher or lower than the rates shown in the attached Computational Materials. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the final underlying assets and the preliminary underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. None of Wells Fargo Securities, LLC, Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., UBS Securities LLC, Academy Securities, Inc., Drexel Hamilton, LLC, Siebert Williams Shank & Co., LLC or any of their respective affiliates, make any representation or warranty as to the actual rate or timing of payments or losses on any of the underlying assets or the payments or yield on the securities. The information in this presentation is based upon management forecasts and reflects prevailing conditions and management’s views as of this date, all of which are subject to change. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us by or on behalf of the Mortgage Loan Sellers or which was otherwise reviewed by us.

This free writing prospectus contains certain forward-looking statements. If and when included in this free writing prospectus, the words “expects”, “intends”, “anticipates”, “estimates” and analogous expressions and all statements that are not historical facts, including statements about our beliefs or expectations, are intended to identify forward-looking statements. Any forward-looking statements are made subject to risks and uncertainties which could cause actual results to differ materially from those stated. Those risks and uncertainties include, among other things, declines in general economic and business conditions, increased competition, changes in demographics, changes in political and social conditions, regulatory initiatives and changes in customer preferences, many of which are beyond our control and the control of any other person or entity related to this offering. The forward-looking statements made in this free writing prospectus are made as of the date stated on the cover. We have no obligation to update or revise any forward-looking statement.

Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts.

IMPORTANT NOTICE REGARDING THE OFFERED CERTIFICATES

The information herein is preliminary and may be supplemented or amended prior to the time of sale. In addition, the Offered Certificates referred to in these materials and the asset pool backing them are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis.

The underwriters described in these materials may from time to time perform investment banking services for, or solicit investment banking business from, any company named in these materials. The underwriters and/or their affiliates or respective employees may from time to time have a long or short position in any security or contract discussed in these materials.

The information contained herein supersedes any previous such information delivered to any prospective investor and will be superseded by information delivered to such prospective investor prior to the time of sale.

IMPORTANT NOTICE RELATING TO AUTOMATICALLY-GENERATED EMAIL DISCLAIMERS

Any legends, disclaimers or other notices that may appear at the bottom of any email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) any representation that these materials are accurate or complete and may not be updated or (3) these materials possibly being confidential, are not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.

 

 

 

ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                                   
Loan ID Number Loan / Property Flag Footnotes (for Loan and Property Information) # of Properties Property Name % of Initial Pool Balance % of Loan Balance Mortgage Loan Originator Mortgage Loan Seller Related Group Crossed Group Address City County State Zip Code General Property Type Detailed Property Type Year Built Year Renovated Number of Units Unit of Measure Loan Per Unit ($) Original Balance ($) Cut-off Date Balance ($) Maturity/ARD Balance ($) Interest Rate % Administrative Fee Rate % Net Mortgage Rate % Monthly Debt Service (P&I) ($) Monthly Debt Service (IO) ($) Annual Debt Service (P&I) ($) Annual Debt Service (IO) ($) Amortization Type ARD Loan (Yes / No) Interest Accrual Method Original Interest-Only Period (Mos.) Remaining Interest-Only Period (Mos.) Original Term To Maturity / ARD (Mos.) Remaining Term To Maturity / ARD (Mos.) Original Amortization Term (Mos.) Remaining Amortization Term (Mos.) Origination Date Seasoning (Mos.) Payment Due Date First Payment Date First P&I Payment Date Maturity Date or Anticipated Repayment Date Final Maturity Date Grace Period - Late Fee (Days) Grace Period - Default (Days) Prepayment Provision Most Recent EGI ($) Most Recent Expenses ($) Most Recent NOI ($) Most Recent NOI Date Most Recent Description Second Most Recent EGI ($) Second Most Recent Expenses ($) Second Most Recent NOI ($) Second Most Recent NOI Date Second Most Recent Description Third Most Recent EGI ($) Third Most Recent Expenses ($) Third Most Recent NOI ($) Third Most Recent NOI Date Third Most Recent Description Underwritten Economic Occupancy (%) Underwritten EGI ($) Underwritten Expenses ($) Underwritten Net Operating Income ($) Underwritten Replacement / FF&E Reserve ($) Underwritten TI / LC ($) Underwritten Net Cash Flow ($) Underwritten NOI DSCR (x) Underwritten NCF DSCR (x) Underwritten NOI Debt Yield (%) Underwritten NCF Debt Yield (%) Appraised Value ($) Appraised Value Type Appraisal Date Cut-off Date LTV Ratio (%) LTV Ratio at Maturity / ARD (%) Leased Occupancy (%) Occupancy Date Single Tenant (Y/N) Largest Tenant Largest Tenant SF Largest Tenant % of NRA Largest Tenant Lease Expiration Date Second Largest Tenant Second Largest Tenant SF Second Largest Tenant % of NRA Second Largest Tenant Lease Expiration Date Third Largest Tenant Third Largest Tenant SF Third Largest Tenant % of NRA Third Largest Tenant Lease Expiration Date Fourth Largest Tenant Fourth Largest Tenant SF Fourth Largest Tenant % of NRA Fourth Largest Tenant Lease Expiration Date Fifth Largest Tenant Fifth Largest Tenant SF Fifth Largest Tenant % of NRA Fifth Largest Tenant Lease Expiration Date Environmental Phase I Report Date Environmental Phase II Report Date Engineering Report Date Seismic Report Date PML or SEL (%) Flood Zone Ownership Interest Ground Lease Expiration Date Ground Lease Extension Terms Annual Ground Lease Payment as of the Cut-off Date ($) Annual Ground Rent Increases (Y/N) Upfront RE Tax Reserve ($) Monthly RE Tax Reserve ($) Upfront Insurance Reserve ($) Monthly Insurance Reserve ($) Upfront Replacement / PIP Reserve ($) Monthly Replacement / FF&E Reserve ($) Replacement Reserve Caps ($) Upfront TI/LC Reserve ($) Monthly TI/LC Reserve ($) TI/LC Caps ($) Upfront Debt Service Reserve ($) Monthly Debt Service Reserve ($) Debt Service Reserve Cap ($) Upfront Deferred Maintenance Reserve ($) Upfront Other Reserve ($) Monthly Other Reserve ($) Other Reserve Description Other Reserve Cap ($) Holdback/ Earnout Amount ($) Holdback/ Earnout Description Lockbox Type Cash Management Excess Cash Trap Triggered by DSCR and/or Debt Yield Test (Y/N)  Tenant Specific Excess Cash Trap Trigger (Y/N)  Pari Passu (Y/N) Pari Passu in Trust Controlling (Y/N) Trust Pari Passu Cut-off Date Balance ($) Non-Trust Pari Passu Companion Loan Cut-off Date Balance ($) Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) Subordinate Companion Loan Cut-off Date Balance ($) Subordinate Companion Loan Interest Rate Whole Loan Cut-off Date Balance ($) Whole Loan Monthly Debt Service ($) Whole Loan Cut-off Date LTV Ratio (%) Whole Loan Underwritten NCF DSCR (x) Whole Loan Underwritten NOI Debt Yield (%) Mezzanine Debt Cut-off Date Balance($) Mezzanine Debt Interest Rate (%) Total Debt Cut-off Date Balance ($) Total Debt Monthly Debt Service ($) Total Debt Cut-off Date LTV Ratio (%) Total Debt Underwritten NCF DSCR (x) Total Debt Underwritten NOI Debt Yield (%) Future Additional Debt Permitted (Y/N) Future Debt Permitted Type Sponsor Non-Recourse Carveout Guarantor Delaware Statutory Trust
(Y/N)
Tenants-in-common
(Y/N)
Loan Purpose Property Located Within a Qualified Opportunity Zone (Y/N) Sources: Loan Amount ($) Sources: Principal's New Cash Contribution ($) Sources: Subordinate Debt ($) Sources: Other Sources ($) Sources: Total Sources ($) Uses: Loan Payoff ($) Uses: Purchase Price ($) Uses: Closing Costs ($) Uses: Reserves ($) Uses: Principal Equity Distribution ($) Uses: Other Uses ($) Uses: Total Uses ($) Franchise Agreement Expiration Underwritten ADR ($) Underwritten RevPAR ($) Underwritten Hotel Occupancy (%) Most Recent ADR ($) Most Recent RevPAR ($) Most Recent Hotel Occupancy (%) Second Most Recent ADR ($) Second Most Recent RevPAR ($) Second Most Recent Hotel Occupancy (%) Third Most Recent ADR ($) Third Most Recent RevPAR ($) Third Most Recent Hotel Occupancy (%) Coop - Committed Secondary Debt Coop - Rental Value Coop - LTV as Rental  Coop - Unsold Percent Coop - Sponsor Units Coop - Investor Units Coop - Coop Units Coop - Sponsor/
Investor Carry
1.00 Loan   1 9950 Woodloch 9.97% 100.0% WFB, AREF2 WFB, AREF2 NAP NAP 9950 Woodloch Forest Drive The Woodlands Montgomery TX 77380 Office Suburban 2014 NAP 601,151 SF 216.25 73,000,000 73,000,000 69,290,864 7.07500%   7.07500% 489,353.36 NAP 5,872,240.32 NAP Amortizing Balloon No Actual/360 0 0 60 60 360 360 6/12/2024 0 11 8/11/2024 8/11/2024 7/11/2029 NAP 0 0 L(24),D(29),O(7) 17,550,604 10,994,138 6,556,466 3/31/2024 T-12 15,811,720 10,373,607 5,438,113 12/31/2023 T-12 10,330,570 8,993,211 1,337,359 12/31/2022 T-12 95.0% 29,009,847 12,018,882 16,990,965 120,230 1,202,302 15,668,433 1.62 1.50 13.1% 12.1% 231,500,000 As Is 5/9/2024 56.2% 53.3% 97.0% 6/3/2024 No Western Midstream Partners, LP 188,318 31.3% 12/31/2031 The Woodlands Land Development 57,329 9.5% 10/31/2030 (42,675 SF), 1/31/2031 (14,654 SF) Kodiak Gas Services, LLC 53,060 8.8% 10/31/2036 Centric Services, Inc. 52,634 8.8% 2/29/2036 HL Amenities 31,264 5.2% 10/31/2030 (28,047 SF), 1/31/2031 (3,217 SF) 5/20/2024 NAP 5/20/2024 NAP NAP No Fee NAP NAP NAP NAP 1,309,164 218,194 0 Springing 0 10,019 360,684 0 100,192 0 0 0 0 0 12,861,020 0 Rent Concession Reserve Funds ($4,020,411); Existing TI/LC Reserve Funds ($8,840,609); Western Midstream Termination Reserve Funds (Springing) 0 0 NAP Hard Springing Yes Yes Yes Yes 73,000,000 57,000,000 382,097.83 871,451.19 NAP NAP 130,000,000 871,451.19 56.2% 1.50 13.1% NAP NAP NAP NAP NAP NAP NAP No NAP The Woodlands Land Development Company, L.P. The Woodlands Land Development Company, L.P. No No Refinance   130,000,000 6,865,528 0 0 136,865,528 120,907,122 0 1,788,222 14,170,184 0 0 136,865,528 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
2.00 Loan   3 Falls Houston Multifamily Portfolio 8.8%   WFB WFB NAP NAP Various Houston Harris TX Various Multifamily Garden Various Various 942 Units 68,471.34 64,500,000 64,500,000 64,500,000 6.94400%   6.94400% NAP 378,423.89 NAP 4,541,086.68 Interest Only No Actual/360 60 60 60 60 0 0 6/14/2024 0 11 8/11/2024 NAP 7/11/2029 NAP 0 0 L(24),D(29),O(7) 11,705,777 4,987,120 6,718,657 4/30/2024 T-12 11,203,972 4,866,524 6,337,449 12/31/2023 T-12 9,878,721 4,588,649 5,290,072 12/31/2022 T-12 88.2% 12,312,557 5,945,517 6,367,040 235,500 0 6,131,540 1.40 1.35 9.9% 9.5% 103,400,000 As Is 4/19/2024 62.4% 62.4% 88.7% 6/5/2024                                                                 896,922 149,487 0 Springing 117,616 19,625 824,116 0 0 0 0 0 0 108,000 0 41,667 Additional Capital Expenditure Reserve 0 0 NAP Soft Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Rao J. Polavarapu Rao J. Polavarapu No No Refinance   64,500,000 77,934 0 0 64,577,934 60,978,061 0 2,477,335 1,122,538 0 0 64,577,934 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
2.01 Property   1 Miami Gardens Apartments 4.2% 47.3%         9540 Kempwood Drive Houston Harris TX 77080 Multifamily Garden 1970 2011 442 Units   30,535,036 30,535,036 30,535,036                                                     5,279,256 2,064,356 3,214,900 4/30/2024 T-12 5,074,204 2,020,119 3,054,085 12/31/2023 T-12 4,427,404 1,978,420 2,448,983 12/31/2022 T-12 83.1% 5,514,139 2,499,999 3,014,140 110,500 0 2,903,640         51,500,000 As Is 4/19/2024     84.2% 6/5/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/23/2024 NAP 4/23/2024 NAP NAP No Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
2.02 Property   1 Falls Of Braeburn 2.5% 28.3%         9707 Braeburn Glen Boulevard Houston Harris TX 77074 Multifamily Garden 1977 2018 292 Units   18,226,279 18,226,279 18,226,279                                                     3,334,996 1,701,517 1,633,479 4/30/2024 T-12 3,126,453 1,624,822 1,501,630 12/31/2023 T-12 2,925,140 1,519,654 1,405,486 12/31/2022 T-12 94.3% 3,652,040 1,847,865 1,804,175 73,000 0 1,731,175         26,000,000 As Is 4/19/2024     94.2% 6/5/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/23/2024 NAP 4/23/2024 NAP NAP No Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
2.03 Property   1 Chelsea Lane Apartments 2.2% 24.4%         8039 Boone Road Houston Harris TX 77072 Multifamily Garden 1974 2019 208 Units   15,738,685 15,738,685 15,738,685                                                     3,091,526 1,221,247 1,870,278 4/30/2024 T-12 3,003,316 1,221,582 1,781,734 12/31/2023 T-12 2,526,177 1,090,574 1,435,603 12/31/2022 T-12 91.0% 3,146,378 1,597,653 1,548,724 52,000 0 1,496,724         25,900,000 As Is 4/19/2024     90.4% 6/5/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/23/2024 NAP 4/23/2024 NAP NAP No Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
3.00 Loan   1 640 5th Avenue 6.9% 100.0% GSBI, MSBNA, BMO GSMC NAP NAP 640 5th Avenue New York New York NY 10022 Mixed Use Office/Retail 1949 2003 314,533 SF 953.79 50,400,000 50,400,000 46,063,500 6.1293333%   6.12933% 332,422.81 NAP 3,989,073.72 NAP Amortizing Balloon No Actual/360 0 0 60 60 NAP NAP 6/10/2024 0 1 8/1/2024 8/1/2024 7/1/2029 NAP 0 0 L(24),D(29),O(7) 72,036,886 18,237,231 53,799,655 12/31/2023 T-12 67,571,078 19,799,244 47,771,835 12/31/2022 T-12 66,651,606 17,827,438 48,824,168 12/31/2021 T-12 92.9% 77,479,026 21,293,412 56,185,614 78,633 7,574,210 48,532,770 2.37 2.04 18.7% 16.2% 720,000,000 As Is 2/28/2024 41.7% 38.1% 92.9% 1/31/2024 No Victoria's Secret 63,779 20.3% 1/31/2032 Fidelity Real Estate Company 40,615 12.9% 11/30/2026 The Klein Group, LLC 30,103 9.6% 4/14/2034 Abbot Capital Management 20,019 6.4% 12/31/2032 Buchanan Ingersoll & Rooney 16,816 5.3% 1/31/2029 4/17/2024 NAP 4/12/2024 NAP NAP No Fee/Leasehold 7/30/2070 None 1 No 0 Springing 0 Springing 0 Springing 195,217 1,567,900 500,000 15,000,000 0 0 0 0 1,648,112 0 Free Rent Reserve 0 0 NAP Hard In Place Yes Yes Yes No 50,400,000 249,600,000 1,646,284.39 1,978,707.20 NAP NAP 300,000,000 1,978,707.20 41.7% 2.04 18.7% 100,000,000 11.50000% 400,000,000 3,088,423.66 55.6% 1.31 14.0% No NAP Vornado Realty Trust Manhattan High Street Holdings LP No No Refinance   300,000,000 106,245,190 100,000,000 0 506,245,190 501,608,063 0 1,421,115 3,216,012 0 0 506,245,190 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
4.00 Loan   2 Lotus 315 & Essence 144 6.8%   CREFI CREFI NAP NAP Various East Orange Essex NJ 07018 Multifamily Various Various NAP 336 Units 256,250.00 50,000,000 50,000,000 50,000,000 6.42000%   6.42000% NAP 271,215.28 NAP 3,254,583.36 Interest Only No Actual/360 60 59 60 59 0 0 6/3/2024 1 6 7/6/2024 NAP 6/6/2029 NAP 0 0 L(25),D(28),O(7) 8,249,395 2,378,747 5,870,649 4/30/2024 T-12 8,049,905 2,390,337 5,659,568 12/31/2023 T-12 7,953,274 2,349,398 5,603,876 12/31/2022 T-12 95.0% 9,423,831 2,452,429 6,971,402 87,746 16,200 6,867,456 1.24 1.23 8.1% 8.0% 123,700,000 Various Various 69.6% 69.6% 96.4% 6/1/2024                                                                 116,278 58,139 38,489 6,415 0 8,537 0 0 1,350 0 0 0 0 0 225,000 0 Free Rent Reserve ($141,750), Gap Rent Reserve ($83,250) 0 1,000,000 The borrowers shall deposit into an eligible account upon loan origination. The lender must disburse upon (i) no Event of Default has occurred and is continuing and (ii) Lender has received evidence, in form and substance reasonably satisfactory to Lender Springing Springing Yes No Yes Yes 50,000,000 36,100,000 195,817.43 467,032.71 NAP NAP 86,100,000 467,032.71 69.6% 1.23 8.1% NAP NAP NAP NAP NAP NAP NAP No NAP Syed A. Hasan and Ayesha Wahidy Syed A. Hasan and Ayesha Wahidy No No Refinance   86,100,000 0 0 0 86,100,000 78,827,137 0 4,010,102 1,379,767 1,882,994 0 86,100,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
4.01 Property   1 Lotus 315 4.0% 59.1%         315 South Harrison Street East Orange Essex NJ 07018 Multifamily Mid Rise 2019 NAP 180 Units   29,529,617 29,529,617 29,529,617                                                     4,517,625 1,291,194 3,226,432 4/30/2024 T-12 4,382,823 1,264,647 3,118,176 12/31/2023 T-12 4,442,177 1,229,862 3,212,315 12/31/2022 T-12 95.0% 5,468,228 1,365,229 4,102,999 48,521 16,200 4,038,278         73,200,000 Prospective Market Value Upon Stabilization 10/1/2024     95.6% 6/1/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/2/2024 NAP 5/2/2024 NAP NAP No Fee NAP NAP NAP NAP           0                                                                                                                     NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
4.02 Property   1 Essence 144 2.8% 40.9%         144 South Harrison Street East Orange Essex NJ 07018 Multifamily High Rise 2017 NAP 156 Units   20,470,383 20,470,383 20,470,383                                                     3,731,770 1,087,553 2,644,217 4/30/2024 T-12 3,667,082 1,125,690 2,541,392 12/31/2023 T-12 3,511,097 1,119,536 2,391,561 12/31/2022 T-12 95.0% 3,955,603 1,087,200 2,868,403 39,225 0 2,829,178         50,500,000 As Is 4/23/2024     97.4% 6/1/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/2/2024 NAP 5/2/2024 NAP NAP No Fee NAP NAP NAP NAP           0                                                                                                                     NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
5.00 Loan   1 The Archive Apartments 6.5% 100.0% AREF2 AREF2 NAP NAP 110 North 1st Street Minneapolis Hennepin MN 55401 Multifamily Mid Rise 2021 NAP 200 Units 239,250.00 47,850,000 47,850,000 47,850,000 6.92000%   6.92000% NAP 279,767.43 NAP 3,357,209.16 Interest Only No Actual/360 60 59 60 59 0 0 5/17/2024 1 6 7/6/2024 NAP 6/6/2029 NAP 0 0 L(25),D(32),O(3) 6,315,629 2,356,133 3,959,496 5/31/2024 T-12 5,984,834 2,362,380 3,622,453 12/31/2023 T-12 5,790,983 2,189,888 3,601,095 12/31/2022 T-12 95.0% 6,565,948 2,375,509 4,190,439 50,000 0 4,140,439 1.25 1.23 8.8% 8.7% 71,000,000 As Is 3/12/2024 67.4% 67.4% 96.5% 5/7/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/6/2024 NAP 4/11/2024 NAP NAP No Fee NAP NAP NAP NAP 302,763 75,691 48,259 16,086 0 4,167 0 0 0 0 0 0 0 0 0 0 NAP 0 0 NAP Soft Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Robert T. Miller, Curt L. Gunsbury and Robert T. Miller Revocable Trust Robert T. Miller, Curt L. Gunsbury and Robert T. Miller Revocable Trust No No Refinance   47,850,000 0 0 0 47,850,000 45,147,348 0 1,774,935 351,022 576,695 0 47,850,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
6.00 Loan   1 3060 Olympic 6.2% 100.0% AREF2 AREF2 NAP NAP 3060 West Olympic Boulevard Los Angeles Los Angeles CA 90006 Multifamily Mid Rise 2018 NAP 226 Units 201,327.43 45,500,000 45,500,000 45,500,000 6.49000%   6.49000% NAP 249,496.93 NAP 2,993,963.16 Interest Only No Actual/360 60 60 60 60 0 0 6/18/2024 0 6 8/6/2024 NAP 7/6/2029 NAP 5 0 L(24),D(31),O(5) 6,640,991 3,358,197 3,282,794 4/30/2024 T-12 6,949,062 3,381,022 3,568,040 12/31/2023 T-12 6,766,257 3,357,104 3,409,153 12/31/2022 T-12 95.0% 7,272,118 3,452,177 3,819,941 56,500 0 3,763,441 1.28 1.26 8.4% 8.3% 73,300,000 As Is 4/17/2024 62.1% 62.1% 94.2% 6/10/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/23/2024 NAP 5/21/2024 5/22/2024 12% No Leasehold 8/23/2049 2, 33-year 792,000 No 392,431 87,207 0 Springing 0 4,708 0 0 0 0 0 0 0 0 0 66,000 Ground Rent Reserve 132,000 0 NAP Soft Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP David Y. Lee David Y. Lee No No Refinance   45,500,000 88,191 0 0 45,588,191 43,302,508 0 1,893,251 392,431 0 0 45,588,191 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
7.00 Loan   8 ExchangeRight 67 4.6%   WFB WFB NAP NAP Various Various Various Various Various Various Various Various Various 369,844 SF 90.64 33,522,953 33,522,953 33,522,953 6.45000%   6.45000% NAP 182,688.45 NAP 2,192,261.40 Interest Only No Actual/360 60 59 60 59 0 0 6/11/2024 1 11 7/11/2024 NAP 6/11/2029 NAP 0 0 L(25),D(28),O(7) NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 96.1% 5,032,508 716,364 4,316,143 55,340 90,893 4,169,910 1.97 1.90 12.9% 12.4% 71,675,000 As Is Various 46.8% 46.8% 100.0% 7/1/2024                                                                 165,998 51,171 0 Springing 53,005 Springing 166,032 500,000 Springing 0 0 0 0 39,705 0 0 NAP 0 0 NAP Hard Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP David Fisher, Joshua Ungerecht and Warren Thomas David Fisher, Joshua Ungerecht and Warren Thomas Yes No Acquisition   33,522,953.00 39,755,909 0 0 73,278,862 0 71,227,329 1,292,826 758,708 0 0 73,278,862 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
7.01 Property   1 FedEx Ground – Moselle, MS 2.1% 46.6%         134 Superior Drive Moselle Jones MS 39459 Industrial Warehouse 2022 NAP 217,237 SF   15,621,439 15,621,439 15,621,439                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 95.0% 2,394,990 442,167 1,952,823 32,586 123,208 1,797,029         33,400,000 As Is 2/8/2024     100.0% 7/1/2024 Yes FedEx Ground - Moselle (Superior), MS 217,237 100.0% 9/30/2032 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 9/28/2023 NAP 9/28/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
7.02 Property   1 Metro Market (Grocery) – Mukwonago, WI 0.8% 16.9%         1010 North Rochester Street Mukwonago Waukesha WI 53149 Retail Single Tenant 1990 2018 63,303 SF   5,659,264 5,659,264 5,659,264                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 97.0% 946,964 184,663 762,301 9,495 0 752,806         12,100,000 As Is 5/11/2024     100.0% 7/1/2024 Yes Metro Market  - Mukwonago, WI 63,303 100.0% 12/31/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/22/2024 NAP 3/22/2024 NAP NAP No Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
7.03 Property   1 BJC Health Care – Godfrey, IL 0.5% 10.3%         5213 Godfrey Road Godfrey Madison IL 62035 Office Medical 2023 NAP 14,419 SF   3,461,037 3,461,037 3,461,037                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 97.0% 475,379 14,261 461,117 2,884 0 458,233         7,400,000 As Is 2/2/2024     100.0% 7/1/2024 Yes BJC Health Care - Godfrey (Godfrey), IL 14,419 100.0% 9/30/2033 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 1/9/2024 NAP 1/5/2024 NAP NAP No Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
7.04 Property   1 Tractor Supply – New Richmond, WI 0.4% 8.5%         1810 Dorset Lane New Richmond St. Croix WI 54017 Retail Single Tenant 2023 NAP 26,738 SF   2,853,017 2,853,017 2,853,017                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 97.0% 372,393 11,172 361,221 4,011 -50,000 407,210         6,100,000 As Is 2/9/2024     100.0% 7/1/2024 Yes Tractor Supply - New Richmond (Dorset), WI 26,738 100.0% 12/31/2038 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 12/8/2023 NAP 12/8/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
7.05 Property   1 Tractor Supply – Canal Fulton, OH 0.3% 7.3%         2490 Locust Street South Canal Fulton Stark OH 44614 Retail Single Tenant 2022 NAP 21,930 SF   2,432,080 2,432,080 2,432,080                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 97.0% 326,619 9,799 316,821 3,290 0 313,531         5,200,000 As Is 2/9/2024     100.0% 7/1/2024 Yes Tractor Supply - Canal Fulton (Locust), OH 21,930 100.0% 2/28/2039 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 1/24/2024 NAP 1/24/2024 NAP NAP No Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
7.06 Property   1 Bank of America – Mount Prospect, IL 0.2% 5.3%         1080 South Elmhurst Road Mount Prospect Cook IL 60056 Retail Single Tenant 1987 NAP 5,717 SF   1,777,290 1,777,290 1,777,290                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 99.0% 247,500 7,425 240,075 0 0 240,075         3,800,000 As Is 2/6/2024     100.0% 7/1/2024 Yes Bank of America - Mount Prospect (Elmhurst), IL 5,717 100.0% 12/31/2032 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 1/30/2024 NAP 1/25/2024 NAP NAP No Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
7.07 Property   1 Family Dollar / Dollar Tree Combo – Roswell, NM 0.1% 2.6%         6111 South Main Street Roswell Chaves NM 88203 Retail Single Tenant 2024 NAP 10,500 SF   865,259 865,259 865,259                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 95.0% 142,244 20,017 122,226 1,575 9,113 111,539         1,850,000 As Is 2/7/2024     100.0% 7/1/2024 Yes Family Dollar / Dollar Tree Combo - Rosewell (Main), NM 10,500 100.0% 1/31/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 12/15/2023 1/29/2024 12/12/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
7.08 Property   1 Dollar Tree – Gulfport, MS 0.1% 2.5%         11390 Canal Road Gulfport Harrison MS 39503 Retail Single Tenant 2024 NAP 10,000 SF   853,567 853,567 853,567                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 95.0% 126,420 26,861 99,559 1,500 8,572 89,487         1,825,000 As Is 2/8/2024     100.0% 7/1/2024 Yes Dollar Tree - Gulfport (Canal), MS 10,000 100.0% 2/28/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/20/2024 NAP 2/20/2024 NAP NAP No Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
8.00 Loan   1 132 West 36th Street 4.4% 100.0% CREFI, AREF2 CREFI, AREF2 NAP NAP 132 West 36th Street New York New York NY 10018 Office CBD 1922 2015 195,054 SF 165.34 32,250,000 32,250,000 31,432,243 7.48000%   7.48000% 225,055.18 203,817.01 2,700,662.16 2,445,804.12 Interest Only, Amortizing Balloon No Actual/360 24 24 60 60 360 360 6/11/2024 0 6 8/6/2024 8/6/2026 7/6/2029 NAP 0 0 L(24),D(33),O(3) 6,386,634 2,747,410 3,639,224 4/30/2024 T-12 6,155,468 2,739,008 3,416,460 12/31/2023 T-12 5,742,154 2,651,719 3,090,434 12/31/2022 T-12 90.0% 6,610,141 2,856,136 3,754,005 39,011 312,435 3,402,559 1.39 1.26 11.6% 10.6% 60,000,000 As Is 1/17/2024 53.8% 52.4% 91.9% 6/3/2024 No Allure Gems LLC 17,531 9.0% 6/30/2031 Jenny Yoo Collections, Inc. 15,973 8.2% 9/30/2029 Royal Printing & Weaving Inc. 15,000 7.7% 12/31/2027 A. Esteban & Company, Inc. 14,763 7.6% 2/29/2028 New York Real Estate Institute, Inc. 9,456 4.8% MTM (7,986 SF), 2/28/2027 (1,470 SF) 1/22/2024 NAP 6/6/2024 NAP NAP No Fee NAP NAP NAP NAP 283,596 141,798 0 Springing 0 3,251 0 1,000,000 24,382 1,500,000 0 0 0 0 135,000 0 NY Real Estate Institute Reserve ($108,000); Unfunded Obligations Reserve ($27,000) 0 0 NAP Hard Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Steven Kaufman Steven Kaufman No No Refinance   32,250,000 2,740,046 0 0 34,990,046 31,506,855 0 2,064,594 1,418,596 0 0 34,990,046 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
9.00 Loan   1 Solon Park Apartments 3.8% 100.0% AREF2 AREF2 NAP NAP 34600 Park East Drive Solon Cuyahoga OH 44139 Multifamily Garden 1964, 1967, 1972 2023 240 Units 116,666.67 28,000,000 28,000,000 28,000,000 6.67000%   6.67000% NAP 157,794.91 NAP 1,893,538.92 Interest Only No Actual/360 60 60 60 60 0 0 6/7/2024 0 6 8/6/2024 NAP 7/6/2029 NAP 0 0 L(24),D(32),O(4) 3,992,064 1,589,925 2,402,139 5/31/2024 T-12 3,802,716 1,617,624 2,185,092 12/31/2023 T-12 3,231,980 1,716,315 1,515,666 12/31/2022 T-12 93.1% 4,166,728 1,632,034 2,534,694 60,000 0 2,474,694 1.34 1.31 9.1% 8.8% 37,400,000 As Is 5/20/2024 74.9% 74.9% 93.8% 5/31/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/28/2024 NAP 5/28/2024 NAP NAP No Fee NAP NAP NAP NAP 99,530 49,765 96,250 8,750 0 5,000 0 0 0 0 0 0 0 0 0 0 NAP 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Lance F. Osborne Lance F. Osborne No No Refinance   28,000,000 0 0 0 28,000,000 25,150,402 0 1,549,481 195,780 1,104,337 0 28,000,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
10.00 Loan   1 Marriott Hartford Windsor Airport 3.7% 100.0% LMF LMF NAP NAP 28 Day Hill Road Windsor Hartford CT 06095 Hospitality Full Service 2002 2018, 2020 302 Rooms 89,403.97 27,000,000 27,000,000 27,000,000 7.26000%   7.26000% NAP 165,618.75 NAP 1,987,425.00 Interest Only No Actual/360 60 60 60 60 0 0 6/21/2024 0 6 8/6/2024 NAP 7/6/2029 NAP 0 0 L(24),D(29),O(7) 14,813,844 10,057,850 4,755,994 3/31/2024 T-12 14,534,015 9,845,471 4,688,544 12/31/2023 T-12 11,725,968 8,713,660 3,012,308 12/31/2022 T-12 56.3% 14,808,227 10,173,768 4,634,459 592,329 0 4,042,130 2.33 2.03 17.2% 15.0% 55,300,000 As Is 4/4/2024 48.8% 48.8% 56.3% 3/31/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/9/2024 NAP 4/11/2024 NAP NAP No Fee NAP NAP NAP NAP 787,500 62,500 108,629 18,105 0 49,361 0 0 0 0 0 0 0 0 0 Springing PIP Reserve 0 0 NAP Hard Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP CSC Holdings, LLC CSC Holdings, LLC No No Refinance   27,000,000 0 0 0 27,000,000 23,008,034 0 271,721 896,129 2,824,116 0 27,000,000 7/16/2039 $170.57 $96.00 56.3% $170.57 $96.00 56.3% $169.81 $94.22 55.5% $154.63 $74.63 48.3%                  
11.00 Loan   1 Cummins Station 3.4% 100.0% WFB WFB NAP NAP 209 10th Avenue South Nashville Davidson TN 37203 Office CBD 1910 2017 410,740 SF 328.68 25,000,000 25,000,000 25,000,000 7.15500%   7.15500% NAP 151,132.81 NAP 1,813,593.72 Interest Only No Actual/360 60 59 60 59 0 0 6/6/2024 1 11 7/11/2024 NAP 6/11/2029 NAP 0 0 L(25),D(28),O(7) 16,879,806 4,185,679 12,694,127 3/31/2024 T-12 16,603,708 4,311,244 12,292,464 12/31/2023 T-12 16,698,714 4,697,634 12,001,080 12/31/2022 T-12 73.5% 18,454,322 4,621,356 13,832,966 102,685 0 13,730,281 1.41 1.40 10.2% 10.2% 229,700,000 As Is 4/16/2024 58.8% 58.8% 71.1% 5/15/2024 No Gibson Brands, Inc. 57,357 14.0% 12/31/2032 Axial Healthcare, Inc 45,911 11.2% 6/30/2028 Serendipity Labs 32,124 7.8% 7/28/2033 Gish, Sherwood & Friends, Inc. 28,363 6.9% 5/31/2026 The Interpublic Group of Companies, Inc.  17,074 4.2% 10/31/2028 4/16/2024 NAP 4/17/2024 NAP NAP No Fee NAP NAP NAP NAP 355,264 88,816 0 Springing 0 8,557 205,370 10,000,000 83,333 0 0 0 0 160,050 3,138,645 0 Rent Concession Reserve Funds ($1,023,389.00); Existing TI/LC Reserve Funds ($2,115,256.38); Low DSCR Trigger Event Reserve (Springing) 0 0 NAP Hard In Place Yes Yes Yes No 25,000,000 110,000,000 664,984.38 816,117.19 NAP NAP 135,000,000 816,117.19 58.8% 1.40 10.2% NAP NAP NAP NAP NAP NAP NAP Yes Mezzanine Zachary P. Liff Zachary P. Liff No No Refinance   135,000,000 649,890 0 0 135,649,890 117,462,455 0 4,533,475 13,653,959 0 0 135,649,890 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
12.00 Loan   1 Hyatt Place Pittsburgh North Shore 3.2% 100.0% WFB WFB NAP NAP 260 North Shore Drive Pittsburgh Allegheny PA 15212 Hospitality Select Service 2010 2018 178 Rooms 130,898.88 23,300,000 23,300,000 23,300,000 7.28900%   7.28900% NAP 143,493.75 NAP 1,721,925.00 Interest Only No Actual/360 60 59 60 59 0 0 5/31/2024 1 11 7/11/2024 NAP 6/11/2029 NAP 0 0 L(24),YM1(29),O(7) 8,818,899 5,158,188 3,660,711 4/30/2024 T-12 8,661,340 5,023,236 3,638,104 12/31/2023 T-12 8,342,067 4,799,507 3,542,560 12/31/2022 T-12 64.8% 8,797,090 5,158,015 3,639,075 351,884 0 3,287,191 2.11 1.91 15.6% 14.1% 40,700,000 As Is 5/1/2024 57.2% 57.2% 64.8% 4/30/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/7/2024 NAP 5/3/2024 NAP NAP No Fee NAP NAP NAP NAP 67,830 33,915 0 Springing 0 29,324 0 0 0 0 0 0 0 0 7,500 0 Replacement Comfort Letter Reserve ($7,500); Low DSCR Reserve (Springing) 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Chatham Lodging, L.P. Chatham Lodging, L.P. No No Recapitalization   23,300,000 0 0 0 23,300,000 0 0 424,540 75,330 22,800,130 0 23,300,000 7/17/2033 $188.97 $122.52 64.8% $188.97 $122.52 64.8% $192.57 $120.90 62.8% $183.38 $116.91 63.8%                  
13.00 Loan   1 324 West 125th Street 3.1% 100.0% WFB WFB NAP NAP 324 West 125th Street New York New York NY 10027 Mixed Use Medical Office/Retail 2016 NAP 17,384 SF 1,323.06 23,000,000 23,000,000 23,000,000 6.70500%   6.70500% NAP 130,297.40 NAP 1,563,568.80 Interest Only No Actual/360 60 59 60 59 0 0 5/21/2024 1 11 7/11/2024 NAP 6/11/2029 NAP 0 0 L(25),D(26),O(9) 2,318,993 323,881 1,995,112 3/30/2024 T-12 2,267,826 319,115 1,948,711 12/31/2023 T-12 2,118,983 101,370 2,017,613 12/31/2022 T-12 95.0% 2,247,278 321,730 1,925,548 3,477 32,762 1,889,309 1.23 1.21 8.4% 8.2% 32,900,000 As Is 11/28/2023 69.9% 69.9% 100.0% 4/1/2024 No ZP Radiology 9,747 56.1% 2/28/2038 CVS Pharmacy 7,637 43.9% 5/31/2038 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 12/5/2023 NAP 12/5/2023 NAP NAP No Fee NAP NAP NAP NAP 90,385 18,507 0 Springing 0 217 0 0 0 0 0 0 0 0 0 0 NAP 0 0 NAP Soft Springing No Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Jeff Sutton, Riki Roth, Pauline Harari and Nissim Kafif Jeff Sutton, Riki Roth, Pauline Harari and Nissim Kafif No No Refinance   23,000,000 1,555,966 0 0 24,555,966 22,979,935 0 1,485,646 90,385 0 0 24,555,966 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
14.00 Loan   1 Park Parthenia  3.1% 100.0% BSPRT BSPRT NAP NAP 19100 Parthenia Street Northridge Los Angeles CA 91324 Multifamily Garden 1962-1970 NAP 447 Units 72,706.94 22,500,000 22,500,000 22,500,000 7.39000%   7.39000% NAP 140,486.98 NAP 1,685,843.75 Interest Only No Actual/360 60 59 60 59 0 0 5/29/2024 1 6 7/6/2024 NAP 6/6/2029 NAP 0 0 L(25),D(31),O(4) 8,479,266 2,742,676 5,736,590 3/31/2024 T-12 8,367,815 2,768,993 5,598,822 12/31/2023 T-12 8,346,913 2,607,851 5,739,062 12/31/2022 T-12 95.0% 8,409,067 3,080,433 5,328,634 111,750 0 5,216,884 2.19 2.14 16.4% 16.1% 98,000,000 As Is 4/19/2024 33.2% 33.2% 99.8% 5/1/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/23/2024 NAP 4/23/2024 4/23/2024 10% No Fee NAP NAP NAP NAP 238,610 39,768 127,710 63,855 0 9,313 0 0 0 0 0 0 0 0 0 0 NAP 0 0 NAP Springing Springing No No Yes Yes 22,500,000 10,000,000 62,438.66 202,925.64 NAP NAP 32,500,000 202,925.64 33.2% 2.14 16.4% NAP NAP NAP NAP NAP NAP NAP No NAP Laisin Leung and David Leung Laisin Leung and David Leung No No Refinance   32,500,000 0 0 0 32,500,000 23,205,503 0 436,572 366,320 8,491,604 0 32,500,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
15.00 Loan   1 57-63 Orchard Street 3.0% 100.0% LMF LMF NAP NAP 57-63 Orchard Street New York New York NY 10002 Mixed Use Office/Retail/Multifamily 1900, 1910, 1915 2023 55,200 SF 398.55 22,000,000 22,000,000 22,000,000 7.27000%   7.27000% NAP 135,134.49 NAP 1,621,613.88 Interest Only No Actual/360 60 60 60 60 0 0 6/21/2024 0 6 8/6/2024 NAP 7/6/2029 NAP 0 0 L(24),D(29),O(7) 2,521,020 609,825 1,911,195 4/30/2024 T-12 2,330,386 609,943 1,720,443 12/31/2023 T-12 1,976,229 580,067 1,396,162 12/31/2022 T-12 95.0% 2,847,638 704,792 2,142,846 10,557 46,700 2,085,589 1.32 1.29 9.7% 9.5% 33,300,000 As Is 4/24/2024 66.1% 66.1% 100.0% 6/1/2024 No Artists & Fleas 5,141 9.3% 5/31/2025 Alpha Industries 5,084 9.2% 10/31/2025 Tilit NYC 5,047 9.1% 12/31/2026 Lynch Eisinger Design 2,836 5.1% 2/28/2026 Juan Miguel Carrion Cententero 2,819 5.1% 12/31/2024 4/25/2024 NAP 4/25/2024 NAP NAP No Fee NAP NAP NAP NAP 73,693 35,092 21,875 6,944 0 880 31,671 400,000 Springing 400,000 0 0 0 58,795 0 0 NAP 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Joyce Jangana Reiss, Jenny Haim and Jack Jangana Joyce Jangana Reiss, Jenny Haim and Jack Jangana No No Refinance   22,000,000 487,774 0 0 22,487,774 20,847,309 0 1,086,103 554,362 0 0 22,487,774 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
16.00 Loan   1 Escarlata 31 2.0% 100.0% CREFI CREFI Group 1 NAP 16625 North 31st Street Phoenix Maricopa AZ 85032 Multifamily Garden 1985 2023 87 Units 172,413.79 15,000,000 15,000,000 15,000,000 6.42000%   6.42000% NAP 81,364.58 NAP 976,374.96 Interest Only No Actual/360 60 59 60 59 0 0 6/4/2024 1 6 7/6/2024 NAP 6/6/2029 NAP 0 0 L(25),D(32),O(3) 1,577,982 284,783 1,293,199 4/30/2024 T-12 1,531,871 279,305 1,252,566 12/31/2023 T-12 1,183,226 291,101 892,125 2/28/2023 T-12 95.0% 1,526,430 296,039 1,230,390 23,661 0 1,206,730 1.26 1.24 8.2% 8.0% 22,100,000 As Is 3/25/2024 67.9% 67.9% 98.9% 4/16/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/19/2024 NAP 4/19/2024 NAP NAP No Fee NAP NAP NAP NAP 10,073 2,518 11,422 2,856 0 1,971 0 0 0 0 0 0 0 2,500 0 0 NAP 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Mark Petz, Jodi Petz and Syed Shahim Mark Petz, Jodi Petz and Syed Shahim No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
17.00 Loan   1 Dadeland West Office Park 1.9% 100.0% WFB WFB NAP NAP 10625, 10661 and 10691 Southwest 88th Street Miami Miami-Dade FL 33145 Office CBD 1979 2004 111,023 SF 127.00 14,100,000 14,100,000 14,100,000 7.00900%   7.00900% NAP 83,499.58 NAP 1,001,994.96 Interest Only No Actual/360 60 59 60 59 0 0 6/6/2024 1 11 7/11/2024 NAP 6/11/2029 NAP 0 0 L(25),YM1(29),O(6) 3,323,855 1,421,953 1,901,902 3/31/2024 T-12 3,259,035 1,412,402 1,846,633 12/31/2023 T-12 2,971,784 1,278,224 1,693,559 12/31/2022 T-12 94.6% 3,430,415 1,391,849 2,038,566 37,748 93,779 1,907,039 2.03 1.90 14.5% 13.5% 23,600,000 As Is 4/23/2024 59.7% 59.7% 94.8% 5/16/2024 No Carisk Partners 8,463 7.6% 11/30/2030 Simplex Group 6,774 6.1% 9/30/2024 (30 SF), 10/31/2024 (101 SF), 10/31/2030 (6,643 SF) Gil, Garden, Avertrani Insurance Group 3,559 3.2% 8/31/2030 Careerxchange 3,380 3.0% 10/31/2026 South Florida MD Group 2,975 2.7% 5/31/2026 4/26/2024 NAP 4/25/2024 NAP NAP Yes - AH Fee NAP NAP NAP NAP 108,873 27,219 0 Springing 0 3,146 0 450,000 4,626 0 0 0 0 0 0 0 NAP 0 0 NAP Hard Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Elizabeth A. Green Elizabeth A. Green No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
18.00 Loan   7 Baker MHC Portfolio 1.9%   UBS AG UBS AG NAP NAP Various Various Various Various Various Manufactured Housing Various Various NAP 346 Pads 40,462.43 14,000,000 14,000,000 14,000,000 7.03400%   7.03400% NAP 83,203.10 NAP 998,437.20 Interest Only No Actual/360 60 59 60 59 0 0 5/13/2024 1 6 7/6/2024 NAP 6/6/2029 NAP 0 0 L(25),D(28),O(7) 1,686,441 553,435 1,133,006 Various T-12 1,623,351 539,455 1,083,896 12/31/2023 T-12 NAV NAV NAV NAV NAV 95.1% 1,932,700 611,977 1,320,723 16,600 0 1,304,123 1.32 1.31 9.4% 9.3% 21,120,000 As Is Various 66.3% 66.3% 96.8% 5/1/2024                                                                 84,874 11,168 7,983 2,218 0 1,379 0 0 0 0 0 0 0 190,069 0 0 NAP 0 0 NAP Springing Springing Yes No No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Jonathan Wyss, Abigail Wyss and Austin Berk Jonathan Wyss, Abigail Wyss and Austin Berk No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
18.01 Property   1 Henderson MHP 0.4% 19%         950 Old U.S. Highway 27 South Bay Palm Beach FL 33430 Manufactured Housing Manufactured Housing/RV Park 1976 NAP 67 Pads   2,717,319 2,717,319 2,717,319                                                     325,802 73,619 252,183 3/31/2024 T-12 310,868 74,963 235,905 12/31/2023 T-12 NAV NAV NAV NAV NAV 95.0% 347,335 96,192 251,143 2,700 0 248,443         3,800,000 As Is 3/18/2024     94.0% 5/1/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/20/2024 NAP 3/20/2024 NAP NAP Yes - AE Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
18.02 Property   1 Whispering Pines Estates 0.4% 19%         47 Washington Street Auburn Worcester MA 01501 Manufactured Housing Manufactured Housing 1980 NAP 53 Pads   2,684,398 2,684,398 2,684,398                                                     330,510 113,577 216,933 2/29/2024 T-12 318,375 102,525 215,850 12/31/2023 T-12 NAV NAV NAV NAV NAV 97.0% 379,806 121,954 257,852 2,650 0 255,202         4,140,000 As Is 3/19/2024     100.0% 5/1/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/20/2024 NAP 3/20/2024 NAP NAP No Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
18.03 Property   1 Monson MHC 0.4% 19%         268 Palmer Road Monson Hampden MA 01057 Manufactured Housing Manufactured Housing 1986 NAP 61 Pads   2,652,426 2,652,426 2,652,426                                                     350,085 133,032 217,053 2/29/2024 T-12 337,430 130,046 207,384 12/31/2023 T-12 NAV NAV NAV NAV NAV 97.0% 405,024 149,363 255,660 3,050 0 252,610         4,560,000 As Is 3/19/2024     98.4% 5/1/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/20/2024 NAP 3/20/2024 NAP NAP Yes - AE Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
18.04 Property   1 Everglades MHP 0.3% 14%         500 South Francisco Street Clewiston Hendry FL 33440 Manufactured Housing Manufactured Housing 1984 NAP 55 Pads   1,926,623 1,926,623 1,926,623                                                     181,310 38,320 142,990 2/29/2024 T-12 172,925 37,855 135,070 12/31/2023 T-12 NAV NAV NAV NAV NAV 95.0% 220,182 39,514 180,669 2,750 0 177,919         2,500,000 As Is 3/18/2024     96.4% 5/1/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/20/2024 NAP 3/20/2024 NAP NAP Yes - AE Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
18.05 Property   1 Royal Palm MHP 0.2% 13%         700 East Ventura Avenue Clewiston Hendry FL 33440 Manufactured Housing Manufactured Housing 1955 NAP 51 Pads   1,802,239 1,802,239 1,802,239                                                     173,730 34,426 139,304 2/29/2024 T-12 165,550 37,438 128,112 12/31/2023 T-12 NAV NAV NAV NAV NAV 95.0% 204,090 34,996 169,094 2,550 0 166,544         2,600,000 As Is 3/18/2024     100.0% 5/1/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/20/2024 NAP 3/20/2024 NAP NAP Yes - AE Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
18.06 Property   1 American MHP 0.2% 11%         751 Washington Street Auburn Worcester MA 01501 Manufactured Housing Manufactured Housing/RV Park 1950 NAP 40 Pads   1,477,277 1,477,277 1,477,277                                                     220,198 125,563 94,635 2/29/2024 T-12 216,504 121,743 94,761 12/31/2023 T-12 NAV NAV NAV NAV NAV 90.0% 268,339 130,504 137,835 1,950 0 135,885         2,540,000 As Is 3/19/2024     90.0% 5/1/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/20/2024 NAP 3/20/2024 NAP NAP Yes - A Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
18.07 Property   1 NallCourt MHP 0.1% 5%         1002 and 1009 Nalls Court Clewiston Hendry FL 33440 Manufactured Housing Manufactured Housing 1984 NAP 19 Pads   739,718 739,718 739,718                                                     104,806 34,898 69,908 3/31/2024 T-12 101,699 34,885 66,814 12/31/2023 T-12 NAV NAV NAV NAV NAV 95.0% 107,923 39,453 68,470 950 0 67,520         980,000 As Is 3/18/2024     100.0% 5/1/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/20/2024 NAP 3/20/2024 NAP NAP No Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
19.00 Loan   1 Euclid Apartments 1.8% 100.0% LMF LMF NAP NAP 27181 Euclid Avenue Euclid Cuyahoga OH 44132 Multifamily Garden 1968 2022 738 Units 71,815.72 13,000,000 13,000,000 13,000,000 7.06000%   7.06000% NAP 77,545.60 NAP 930,547.20 Interest Only No Actual/360 60 55 60 55 0 0 1/31/2024 5 6 3/6/2024 NAP 2/6/2029 NAP 0 0 L(29),D(27),O(4) 8,905,892 2,772,457 6,133,435 12/31/2023 T-12 8,464,424 2,528,661 5,935,763 12/31/2022 T-12 Annualized 8,093,027 2,769,208 5,323,819 12/31/2021 T-12 94.2% 9,088,532 2,686,379 6,402,152 184,500 0 6,217,652 1.69 1.64 12.1% 11.7% 77,000,000 As Is 12/12/2023 68.8% 68.8% 95.4% 1/11/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 12/28/2023 NAP 12/28/2023 NAP NAP No Fee NAP NAP NAP NAP 139,130 66,253 37,141 17,686 1,000,000 15,375 0 0 0 0 0 0 0 28,750 0 0 NAP 0 0 NAP Springing Springing Yes No Yes Yes 13,000,000 40,000,000 238,601.85 316,147.45 NAP NAP 53,000,000 316,147.45 68.8% 1.64 12.1% NAP NAP NAP NAP NAP NAP NAP Yes Mezzanine MD Khaled Noor MD Khaled Noor No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
20.00 Loan   1 3216 South Blvd 1.8% 100.0% UBS AG UBS AG NAP NAP 3216 - 3232 South Boulevard Charlotte Mecklenburg NC 28209 Retail Anchored 1945, 2023 2023 44,026 SF 295.28 13,000,000 13,000,000 13,000,000 7.51900%   7.51900% NAP 82,587.16 NAP 991,045.92 Interest Only No Actual/360 60 60 60 60 0 0 6/21/2024 0 6 8/6/2024 NAP 7/6/2029 NAP 0 0 L(24),D(29),O(7) NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 95.0% 2,144,709 451,936 1,692,773 8,805 81,448 1,602,519 1.71 1.62 13.0% 12.3% 24,100,000 As Is with Escrow 4/3/2024 53.9% 53.9% 100.0% 6/11/2024 No Platform Sports 11,173 25.4% 12/31/2033 Seaboard South End 7,740 17.6% 6/30/2032 (4,485 SF), 5/31/2033 (3,255 SF) Ghost Tattoo LLC 6,611 15.0% 4/30/2034 The Plunge House LLC 2,878 6.5% 7/5/2034 BFT 2,554 5.8% 12/31/2033 4/8/2024 NAP 4/1/2024 NAP NAP No Fee NAP NAP NAP NAP 40,319 3,476 45,271 Springing 0 734 0 0 6,787 0 0 0 0 0 1,131,817 0 Unfunded Obligations Reserve ($1,116,127.00); Rent Concession Reserve ($15,690.00) 0 0 NAP Hard Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Dawid B. Swart Dawid B. Swart No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
21.00 Loan   1 Escarlata 29 1.6% 100.0% CREFI CREFI Group 1 NAP 15417 North 29th Street Phoenix Maricopa AZ 85032 Multifamily Garden 1984 2023 80 Units 150,000.00 12,000,000 12,000,000 12,000,000 6.57000%   6.57000% NAP 66,612.50 NAP 799,350.00 Interest Only No Actual/360 60 59 60 59 0 0 6/4/2024 1 6 7/6/2024 NAP 6/6/2029 NAP 0 0 L(25),D(32),O(3) 1,352,661 278,460 1,074,201 4/30/2024 T-12 1,325,248 281,044 1,044,204 12/31/2023 T-12 1,031,241 292,118 739,123 2/28/2023 T-12 95.0% 1,298,432 297,994 1,000,438 23,461 0 976,977 1.25 1.22 8.3% 8.1% 17,500,000 As Is 3/25/2024 68.6% 68.6% 97.5% 4/16/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/19/2024 NAP 4/19/2024 NAP NAP No Fee NAP NAP NAP NAP 8,183 2,046 14,183 3,546 0 1,955 0 0 0 0 0 0 0 25,125 0 0 NAP 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Mark Petz, Jodi Petz and Syed Shahim Mark Petz, Jodi Petz and Syed Shahim No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
22.00 Loan   1 Home2Suites Florence 1.5% 100.0% GSBI GSMC NAP NAP 7570 Woodspoint Drive Florence Boone KY 41042 Hospitality Extended Stay 2017 NAP 109 Rooms 103,211.01 11,250,000 11,250,000 11,250,000 7.02200%   7.02200% NAP 66,745.57 NAP 800,946.84 Interest Only No Actual/360 60 59 60 59 0 0 6/6/2024 1 6 7/6/2024 NAP 6/6/2029 NAP 0 0 L(12),YM1(41),O(7) 4,986,379 2,916,889 2,069,490 4/30/2024 T-12 5,083,945 2,910,446 2,173,499 12/31/2023 T-12 5,055,970 2,678,626 2,377,344 12/31/2022 T-12 90.3% 4,961,666 2,898,862 2,062,804 198,467 0 1,864,337 2.58 2.33 18.3% 16.6% 21,500,000 As Is 4/24/2024 52.3% 52.3% 90.3% 4/30/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/29/2024 NAP 4/29/2024 NAP NAP No Fee NAP NAP NAP NAP 61,939 8,848 0 Springing 0 16,539 0 0 0 0 0 0 0 0 981,508 0 Soft Goods Renovation Deposit 0 0 NAP Springing Springing No No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP HDT Cameron Hotels, Ltd. and Carol Cohen Family LLC HDT Cameron Hotels, Ltd. and Carol Cohen Family LLC No No Refinance                           2/28/2038 $136.77 $123.51 90.3% $136.77 $123.51 90.3% $136.83 $126.63 92.5% $135.98 $125.76 92.5%                  
23.00 Loan   1 Holiday Inn Hammond 1.5% 100.0% BSPRT BSPRT NAP NAP 1819 Southwest Railroad Avenue Hammond  Tangipahoa Parish LA 70403 Hospitality Full Service 2010 2018 97 Rooms 111,787.70 10,850,000 10,843,407 10,447,557 8.48500%   8.48500% 83,311.80 NAP 999,741.58 NAP Amortizing Balloon No Actual/360 0 0 60 59 360 359 5/13/2024 1 6 7/6/2024 7/6/2024 6/6/2029 NAP 0 0 L(25),D(31),O(4) 4,337,013 2,718,675 1,618,338 3/31/2024 T-12 4,370,965 2,740,576 1,630,388 12/31/2023 T-12 4,369,290 2,599,426 1,769,864 12/31/2022 T-12 79.7% 4,325,209 2,706,542 1,618,667 173,008 0 1,445,659 1.62 1.45 14.9% 13.3% 17,000,000 As Is 3/13/2024 63.8% 61.5% 79.7% 3/31/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/15/2024 NAP 3/15/2024 NAP NAP No Fee NAP NAP NAP NAP 29,849 4,264 92,155 9,216 0 14,417 0 0 0 0 0 0 0 0 1,000,000 3,604 PIP Reserve 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Jayantkumar B. Patel and Reshma S. Patel Jayantkumar B. Patel and Reshma S. Patel No No Refinance                           9/8/2029 $138.95 $110.81 79.7% $138.95 $110.81 79.7% $139.33 $112.29 80.6% $137.54 $115.22 83.8%                  
24.00 Loan   1 817-819 9th Avenue 1.4% 100.0% CREFI CREFI NAP NAP 817-819 9th Avenue New York New York NY 10019 Mixed Use Multifamily/Retail 1910 2023 12 Units 833,333.33 10,000,000 10,000,000 10,000,000 6.85000%   6.85000% NAP 57,876.16 NAP 694,513.92 Interest Only No Actual/360 60 60 60 60 0 0 6/11/2024 0 6 8/6/2024 NAP 7/6/2029 NAP 0 0 L(24),D(33),O(3) 882,006 206,051 675,955 3/31/2024 T-12 680,539 197,068 483,471 12/31/2023 T-12 NAV NAV NAV NAV NAV 95.9% 1,130,955 223,599 907,356 3,465 25,683 878,207 1.31 1.26 9.1% 8.8% 15,000,000 As Is 4/11/2024 66.7% 66.7% 100.0% 5/31/2024 No 9th Ave. Royal Deli Inc. 1,250 40.3% 6/30/2038 Sacco Pizza Corp. 750 24.2% 6/30/2033 Don Nail Inc. 750 24.2% 6/30/2038 Virago by Chef Yala 350 11.3% 4/30/2033 NAP NAP NAP NAP 4/26/2024 NAP 4/26/2024 NAP NAP No Fee NAP NAP NAP NAP 46,804 5,851 6,030 2,010 0 289 0 0 0 0 0 0 0 21,875 65,000 0 Virago By Chef Yala Reserve 0 0 NAP Springing Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Edward Ostad Edward Ostad No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
25.00 Loan   1 Concord Hills 1.3% 100.0% AREF2 AREF2 NAP NAP 105-111 Sherbrooke Avenue Hartford Hartford CT 06106 Multifamily Mid Rise 1971 2022 128 Units 73,828.13 9,450,000 9,450,000 9,450,000 7.86000%   7.86000% NAP 62,757.19 NAP 753,086.28 Interest Only No Actual/360 60 59 60 59 0 0 5/29/2024 1 6 7/6/2024 NAP 6/6/2029 NAP 0 0 L(25),D(31),O(4) 1,470,106 662,249 807,857 2/29/2024 T-12 NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 94.2% 1,778,727 681,940 1,096,787 32,000 0 1,064,787 1.46 1.41 11.6% 11.3% 12,970,000 As Is 3/21/2024 72.9% 72.9% 93.0% 5/22/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/1/2024 NAP 5/13/2024 NAP NAP No Fee NAP NAP NAP NAP 86,223 14,370 23,517 7,839 730,000 4,800 0 0 0 0 0 0 0 20,000 0 0 NAP 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Moshe Bloorian, Jacob Herskowitz and Yeshaya Cohen Moshe Bloorian, Jacob Herskowitz and Yeshaya Cohen No Yes Acquisition                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
26.00 Loan   1 5635 E La Palma 1.2% 100.0% UBS AG UBS AG NAP NAP 5621, 5631, and 5635 East La Palma Avenue Anaheim Orange CA 92807 Retail Anchored 1978, 2017 2024 59,082 SF 152.33 9,000,000 9,000,000 7,830,881 6.93700%   6.93700% 69,436.97 NAP 833,243.64 NAP Amortizing Balloon No Actual/360 0 0 60 60 240 240 6/25/2024 0 6 8/6/2024 8/6/2024 7/6/2029 NAP 0 0 L(24),D(29),O(7) 416,104 377,553 38,550 4/30/2024 T-12 556,772 392,376 164,396 12/31/2023 T-12 396,905 344,377 52,528 12/31/2022 T-12 97.6% 2,038,283 454,614 1,583,669 10,044 8,234 1,565,391 1.90 1.88 17.6% 17.4% 25,900,000 As Is 4/20/2024 34.7% 30.2% 100.0% 6/1/2024 No Tesla, Inc. 51,102 86.5% 5/9/2039 McDonald's 3,900 6.6% 3/13/2037 Wingstop 2,080 3.5% 7/15/2027 Chipotle 2,000 3.4% 6/7/2027 NAP NAP NAP NAP 5/1/2024 NAP 4/30/2024 4/30/2024 13% No Fee NAP NAP NAP NAP 50,568 10,993 0 Springing 0 985 0 0 4,924 0 0 0 0 0 1,556,250 Springing Unfunded Obligations Reserve ($1,556,250.00); Material Tenant Reserve (Springing) 0 0 NAP Hard Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Daniel Khoren Akarakian Daniel Khoren Akarakian No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
27.00 Loan   1 Mitchell Lofts 1.0% 100.0% BSPRT BSPRT NAP NAP 3800 Commerce Street Dallas Dallas TX 75226 Multifamily Mid Rise  1928 2019-2023 79 Units 91,139.24 7,200,000 7,200,000 7,200,000 7.44000%   7.44000% NAP 45,260.00 NAP 543,120.00 Interest Only No Actual/360 60 58 60 58 0 0 4/10/2024 2 6 6/6/2024 NAP 5/6/2029 NAP 0 0 L(26),D(30),O(4) 1,604,247 1,134,433 469,813 2/28/2024 T-12 1,577,192 1,155,545 421,647 12/31/2023 T-12 1,593,447 1,050,971 542,476 12/31/2022 T-12 88.4% 1,754,470 1,018,025 736,445 19,750 0 716,695 1.36 1.32 10.2% 10.0% 16,950,000 As Is 1/25/2024 42.5% 42.5% 96.2% 4/2/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/25/2024 NAP 3/25/2024 NAP NAP No Fee NAP NAP NAP NAP 129,543 25,909 22,386 5,596 0 1,646 0 0 0 0 0 0 0 11,550 0 0 NAP 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Noah Drever Noah Drever No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
28.00 Loan   1 220 Jackson Street 0.8% 100.0% UBS AG UBS AG NAP NAP 200 Jackson Street, 220 Jackson Street & 601 Front Street San Francisco San Francisco CA 94111 Mixed Use Office/Retail 1913 2015 21,957 SF 282.37 6,200,000 6,200,000 6,200,000 6.25700%   6.25700% NAP 32,776.83 NAP 393,321.96 Interest Only No Actual/360 60 60 60 60 0 0 6/17/2024 0 6 8/6/2024 NAP 7/6/2029 NAP 0 0 L(24),D(29),O(7) 858,847 246,265 612,581 3/31/2024 T-12 1,026,827 220,072 806,755 12/31/2023 T-12 1,262,936 227,329 1,035,607 12/31/2022 T-12 92.1% 1,566,950 314,001 1,252,949 23,274 87,272 1,142,403 3.19 2.90 20.2% 18.4% 15,000,000 As Is 5/8/2024 41.3% 41.3% 100.0% 6/3/2024 No Kokkari Restaurant 8,276 37.7% 11/30/2024 Realize CPA LLC 6,813 31.0% 12/31/2031 McGuinn, Hillman, Palefsky 4,118 18.8% 4/1/2029 William B. Baner, dba The Baner Companies 2,750 12.5% 4/30/2034 NAP NAP NAP NAP 4/1/2024 NAP 4/1/2024 4/1/2024 18% No Fee NAP NAP NAP NAP 0 2,699 0 2,986 0 Springing 0 0 Springing 0 0 0 0 2,500 248,176 Various Unfunded Obligations Reserve ($248,176); Material Tenant Reserve (Various) 0 0 NAP Hard Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP William B. Baner William B. Baner No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
29.00 Loan   1 400 & 420 Technology Parkway 0.8% 100.0% AREF2 AREF2 NAP NAP 400 and 420 Technology Parkway Peachtree Corners Gwinnett GA 30092 Office Suburban 1999 NAP 67,006 SF 83.57 5,600,000 5,600,000 5,600,000 6.86200%   6.86200% NAP 32,467.43 NAP 389,609.16 Interest Only No Actual/360 60 60 60 60 0 0 6/13/2024 0 6 8/6/2024 NAP 7/6/2029 NAP 0 0 L(24),D(32),O(4) 1,038,408 317,822 720,586 4/30/2024 T-12 824,630 285,140 539,490 12/31/2023 T-12 902,244 269,797 632,447 12/31/2022 T-12 95.0% 1,117,349 309,134 808,215 13,401 18,755 776,059 2.07 1.99 14.4% 13.9% 8,650,000 As Is 5/14/2024 64.7% 64.7% 100.0% 6/1/2024 No Humboldt 20,162 30.1% 11/30/2026 Wiseman Multimedia 19,330 28.8% 10/31/2029 BSI 13,965 20.8% 8/31/2029 CBT Automotive 13,549 20.2% 2/28/2030 NAP NAP NAP NAP 4/18/2024 NAP 4/18/2024 NAP NAP No Fee NAP NAP NAP NAP 84,203 7,655 0 Springing 0 1,117 0 315,000 Springing 0 0 0 0 54,227 186,983 0 Unfunded Obligations Reserve($109,320); Free Rent Reserve ($77,663) 0 0 NAP Hard Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Alexander E. Peykar, Steven V. Peykar and Brian Miller Alexander E. Peykar, Steven V. Peykar and Brian Miller No Yes Acquisition                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
30.00 Loan   1 Extra Space Self Storage Baca Lane 0.7% 100.0% LMF LMF NAP NAP 7612 Baca Lane Santa Fe Santa Fe NM 87507 Self Storage Self Storage 2002 2007 50,850 SF 102.26 5,200,000 5,200,000 5,200,000 7.68000%   7.68000% NAP 33,742.22 NAP 404,906.64 Interest Only No Actual/360 60 59 60 59 0 0 5/21/2024 1 6 7/6/2024 NAP 6/6/2029 NAP 0 0 L(25),D(28),O(7) 836,521 236,079 600,443 3/31/2024 T-12 838,943 230,009 608,933 12/31/2023 T-12 799,637 222,187 577,450 12/31/2022 T-12 77.3% 785,200 236,637 548,563 5,085 0 543,478 1.35 1.34 10.5% 10.5% 9,200,000 As Is 3/5/2024 56.5% 56.5% 92.5% 5/5/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/22/2024 NAP 3/22/2024 NAP NAP No Fee NAP NAP NAP NAP 5,652 2,692 11,397 987 0 424 0 0 0 0 0 0 0 3,438 0 0 NAP 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Dean G. Alexis, Cynthia J. Alexis and The Dean G. Alexis and Cynthia J. Alexis Trust Dean G. Alexis, Cynthia J. Alexis and The Dean G. Alexis and Cynthia J. Alexis Trust No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
31.00 Loan   1 Plymouth Park Apartments 0.7% 100.0% AREF2 AREF2 NAP NAP 107 North Haggerty Road Plymouth Wayne MI 48170 Multifamily Garden 1979 NAP 70 Units 71,428.57 5,000,000 5,000,000 5,000,000 7.27000%   7.27000% NAP 30,712.38 NAP 368,548.56 Interest Only No Actual/360 60 60 60 60 0 0 6/11/2024 0 6 8/6/2024 NAP 7/6/2029 NAP 0 0 L(24),D(33),O(3) 876,750 479,274 397,476 4/30/2024 T-12 861,556 483,467 378,089 12/31/2023 T-12 755,795 449,024 306,771 12/31/2022 T-12 93.8% 946,089 465,772 480,317 18,550 0 461,767 1.30 1.25 9.6% 9.2% 8,150,000 As Is 3/1/2024 61.3% 61.3% 94.3% 6/7/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/31/2024 NAP 3/11/2024 NAP NAP No Fee NAP NAP NAP NAP 85,057 12,151 31,045 6,899 0 1,750 0 0 0 0 0 0 0 380,490 0 0 NAP 0 0 NAP Soft Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Bradley J. Hayosh Bradley J. Hayosh No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
32.00 Loan   1 605 East 16th Street 0.4% 100.0% CREFI CREFI NAP NAP 605 East 16th Street Brooklyn Kings NY 11226 Multifamily Mid Rise 1931 NAP 34 Units 94,117.65 3,200,000 3,200,000 3,200,000 6.43000%   6.43000% NAP 17,384.81 NAP 208,617.72 Interest Only No Actual/360 60 59 60 59 0 0 5/31/2024 1 6 7/6/2024 NAP 6/6/2029 NAP 0 0 L(25),D(30),O(5) 564,824 288,321 276,504 4/30/2024 T-12 558,620 299,610 259,010 12/31/2023 T-12 527,697 284,677 243,020 12/31/2022 T-12 97.0% 548,401 276,355 272,046 8,500 0 263,546 1.30 1.26 8.5% 8.2% 4,600,000 As Is 3/11/2024 69.6% 69.6% 100.0% 5/1/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/26/2024 NAP 3/26/2024 NAP NAP No Fee NAP NAP NAP NAP 0 9,762 0 Springing 0 708 0 0 0 0 0 0 0 0 0 0 NAP 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Barry Rudofsky and Scott Silverman Barry Rudofsky and Scott Silverman No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP